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Aug 12, 2013
08/13
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>> hie, yeah, charles, on the detroit thing, because i'm from detroit, i'm in detroit. i have to say one thick about that check. yes, we know that was a big mistake, one million in the drawer, you know, kind of like the 13 billion dollars that went poof in the bush administration in iraq. >> nancy, come on. nancy. >> you know, what was not breaking news, what was not national news is we had an election, a mayor primary, the election last week, and in the city of 80% black population, a white guy, a write-in won, a guy who turned around eight hospitals, mike dougin won in a city of 80% african-american people. why is that not big news? that, you know, somebody because of the fiscal abilities was elected by the people of detroit, so to just say go back to the old, oh, a check missing in the drawer. >> in reality, though, to talk about fixing anything, i don't care what it is, an alcoholic or whatever it is, first and foremost, admit you have a problem. i think you, to a certain problem did that by electing someone that may be the city might not have elected before. this i
>> hie, yeah, charles, on the detroit thing, because i'm from detroit, i'm in detroit. i have to say one thick about that check. yes, we know that was a big mistake, one million in the drawer, you know, kind of like the 13 billion dollars that went poof in the bush administration in iraq. >> nancy, come on. nancy. >> you know, what was not breaking news, what was not national news is we had an election, a mayor primary, the election last week, and in the city of 80% black...
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Aug 11, 2013
08/13
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. ♪ ♪ >> david: well, first detroit goes bust. will new york and chicago be next? the mayors of those two cities warning that their public pension costs are growing totally out of control, which is really what did in detroit. and many other cities are facing the same time bomb. is this proof it's time to scrap public pensions before they all go bust? hi, everybody. i'm dad asman. welcome to "forbes on fox." let's go in focus wi steve forbes, john candy, rich carlguard, elizabeth mc donald. should we scrap the public pensions? >> yes. get rid of them. what is public service? a sacrifice. it's supposed to be a short-term sacrifice before you go to the private sector to produce real economic growth. the problem now with high government pay and the big pension plans is we're creating life long government workers that are a burden on the people working in the real economy. if you get rid of them, they have incentive to get in the real world and cities will no longer have pension problems. >> david: well, rick, and the pension problems are just enmous. new york city, jus
. ♪ ♪ >> david: well, first detroit goes bust. will new york and chicago be next? the mayors of those two cities warning that their public pension costs are growing totally out of control, which is really what did in detroit. and many other cities are facing the same time bomb. is this proof it's time to scrap public pensions before they all go bust? hi, everybody. i'm dad asman. welcome to "forbes on fox." let's go in focus wi steve forbes, john candy, rich carlguard,...
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it is interesting because we do look and say it for the detroit. i don't think people realize they are sitting on something very similar. >> this is something that is going to happen in cities and states all across america. what we see in detroit is a precursor for the fiscal calamities that are going to occur because of unsustainable pensions and unaffordable health care costs. these have added up and we will have to pay for it one way or the other. liz: we are talking about is pensions, what we haven't talked about are the health benefits owed to government workers. i think the american people, the viewers think of themselves we are and are breaking point with property taxes and we won't pay for necessities have to merge with each of the. we are seeing that in california where cities are merging to take care of the cost of urban sprawl which is too expensive and doesn't work. >> these costs of course are not going away no matter how you restructure its things and you're absolutely right. when it comes to health care costs the unfunded liability f
it is interesting because we do look and say it for the detroit. i don't think people realize they are sitting on something very similar. >> this is something that is going to happen in cities and states all across america. what we see in detroit is a precursor for the fiscal calamities that are going to occur because of unsustainable pensions and unaffordable health care costs. these have added up and we will have to pay for it one way or the other. liz: we are talking about is pensions,...
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it is in trouble like every state in the nation, but no shape like detroit. you want to be here in the summer in chicago. if i moved, i would probably move in the winter. stuart: it is a friday morning and summer. i see people ripping up contracts behind you and chucking it behind you. larry, the fed is still all about when ben quits or reduces printing, isn't it? >> where the dallas fed president the last couple of days talk about how complicated of a situation this is. that is looking the market little bit but not a whole lot. the stock index trading bejg me still sitting at all-time highs. wwe're thinking but when is bernanke going to be talking about it. that is when the market will really get spooked and lose a lot of ground. stuart: thank you very much, indeed, out there in chicago. the opening bell is ringing. we expect the (to be lower, and it is. this will be a slow trading session, a thin market, thinly traded, but expecting 30 points down in the first few minutes. i want to know about priceline. the stock has been up by about a half this year. had
it is in trouble like every state in the nation, but no shape like detroit. you want to be here in the summer in chicago. if i moved, i would probably move in the winter. stuart: it is a friday morning and summer. i see people ripping up contracts behind you and chucking it behind you. larry, the fed is still all about when ben quits or reduces printing, isn't it? >> where the dallas fed president the last couple of days talk about how complicated of a situation this is. that is looking...
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let detroit go, i'm telling you it will not happen. it will be some sort of a rescue that you will never know. but they will be rescued. we will see you tomorrow. every. i'm gerri willis. night on "the willis report" obamacare just went up again. and new warni for one group of patients in particula also, from bad thanks to news that the tsa is running wild. is good customer service debt and america? and the e fi things you should never buy at the supermarket. the outrageous markups on some of the most popular brands. we're watching out for you tonight on "the willis report." ♪ gerri: all that and more, but first our toptory tonight. new allegations that big banks are using big data ted discriminate against low-income customers tt they believe are mostikely to overdraft they're checking accouounts or bounce chks. big banks argue they're using the data bases to avoid fraud artists. here to weigh in, editor in chief of american banker and former vice president of goldman. i'm going to start with you. allegations tonight in the new york
let detroit go, i'm telling you it will not happen. it will be some sort of a rescue that you will never know. but they will be rescued. we will see you tomorrow. every. i'm gerri willis. night on "the willis report" obamacare just went up again. and new warni for one group of patients in particula also, from bad thanks to news that the tsa is running wild. is good customer service debt and america? and the e fi things you should never buy at the supermarket. the outrageous markups on...
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Aug 30, 2013
08/13
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and bankrupt detroit's mcdonald closed. what, have you got anything to say about this $15 an hour fast food wage? >> this is unbelievable, stuart. it's so easy for the unions and politicians to go after multi-billion dollar corporations, these ceo's, who this has nothing to do with mcdonald's. they don't control the franchise wage scale. so you have mom and pop stores that are affected by this. less than 5% of fast food workers are affected by minimum wage. the average minimum wage worker in the united states, the family brings in $53,000 a year, and this is a grab and they're trying to get it through the minimum wage argument. stuart: relax, john, you've got the beach behind you and you'll be there i'm sure. >> yes, sir. stuart: he's in bermuda. great weekend to you. the top of the hour we've got the man who wrote the book on unions. and does he think this administration is going to cave to the recent union demands for obama care changes? he's coming up, top of the hour. a big question on obama care. two people on this sho
and bankrupt detroit's mcdonald closed. what, have you got anything to say about this $15 an hour fast food wage? >> this is unbelievable, stuart. it's so easy for the unions and politicians to go after multi-billion dollar corporations, these ceo's, who this has nothing to do with mcdonald's. they don't control the franchise wage scale. so you have mom and pop stores that are affected by this. less than 5% of fast food workers are affected by minimum wage. the average minimum wage worker...
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we should compare chicago of today to detroit of today, we should prepare chicago today to detroit of 20, 30 years ago and this is the fulcrum point for this mayor. is he going to take on the public employee unions, nine out of ten city workers are unionized? his political power comes from the unionized work force. the trick the mayor is, how does he take down his political face and cut expenditures and 78% of the budget spending. >> right, i want your judgment because he's got to get, i mean, serious concessions from those unions. he just got to do it otherwise, they're -- i mean, they really are in deep trouble. so, my question. >> right. stuart: can he do it? could he get the concessions from his own base and get them to give back a ton of money? can he do it? >> i think he can get some of it. he's going to try to convince the union leaders and rank and file that they have to take a hair cut and never get enough money from the state of illinois, from the country and the federal government is also broke and there's just no money and no appetite for a bailout of chicago let alone det
we should compare chicago of today to detroit of today, we should prepare chicago today to detroit of 20, 30 years ago and this is the fulcrum point for this mayor. is he going to take on the public employee unions, nine out of ten city workers are unionized? his political power comes from the unionized work force. the trick the mayor is, how does he take down his political face and cut expenditures and 78% of the budget spending. >> right, i want your judgment because he's got to get, i...
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Aug 25, 2013
08/13
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we note that detroit, 41% poverty rate. oakland 21%. st. louis, 27%. the ten most dangerous cities in the untry happen to have of the highest, most elevated poverty numbers in the country. >> yeah. poverty, unemployment. failure, drops out from school. guess what? a high percentage of minorities. i hurts my heart. wayne, this is what you need. you need leadership to come in and speak to kids who are not advancing, not making process and get involve with the gang activity. this is how they will prove they are somebody in this world. that is a losing prescription. you have to believe in education and a job and building a resume. i don't think that this is a mystery. if you want to make it in america. >> eric: jonathan, there is a -- >> yeah, even make minimum wage job to keep a young person out of trouble and focus on producing on the future. no question the gang pointed out. thereis less likely to be this violent crime in a stronger economy. young people are, of course, we have unemployment, a youth unemployment rate north of 18%. young people are less
we note that detroit, 41% poverty rate. oakland 21%. st. louis, 27%. the ten most dangerous cities in the untry happen to have of the highest, most elevated poverty numbers in the country. >> yeah. poverty, unemployment. failure, drops out from school. guess what? a high percentage of minorities. i hurts my heart. wayne, this is what you need. you need leadership to come in and speak to kids who are not advancing, not making process and get involve with the gang activity. this is how they...
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Aug 21, 2013
08/13
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detroit would not have this now if we would not have a normal interest rate. that is a fact. lou: that is in a fact. there are so many other variables in there. we have this equilibrium of the employee unions, city governments that have been woefully lagged and managed. what are your thoughts about this from here? >> well i think people are getting far too historic about the potential quantitative easing. i think that a moderate reduction would be that dramatic. we gradually run out of people with high rate mortgages. you run out of other people who have benefits. so by definition, it has less of an impact. so it is more and more money producing less and less impact. it doesn't strike me as the right thing. lou: your outlook for growth ann appreciation of the markets? >> i think that we will stumble along mainly driven by a shareholder revolution. grant the export licenses, six the balance, lower everyone's utility groups. that would really stimulate the economy and the market. lou: thank you for being on. we look forward to seeing you soon. up next, thousands training and ar
detroit would not have this now if we would not have a normal interest rate. that is a fact. lou: that is in a fact. there are so many other variables in there. we have this equilibrium of the employee unions, city governments that have been woefully lagged and managed. what are your thoughts about this from here? >> well i think people are getting far too historic about the potential quantitative easing. i think that a moderate reduction would be that dramatic. we gradually run out of...
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Aug 13, 2013
08/13
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. >> you see it happening at local level, detroit, cleveland, cincinnati, pittsburgh, kansas city, every time they raisin come taxeraisincome taxes the p, cities like kansas and st. louis, said if we fry to try to hike taxes on income we have to revisit the law to make sure we do not lose population. neil: going around them so maybe rich don't notice? >> it about why we need tax reform. so complicated, that people say enough, they throw up hands say enough, i think this shows we need to comp hencively reform u.s. tax code. neil: do you know what i think. when you leave your country over tax rates -- >> on some levels, my sympathy goes with the little guy, who is caught up in this. neil: are you a citizen in both country? >> i am a green card holder here. neil: you have kissed the -- >> no, i a still a citizen. >> there is a double jeopardy ru. we have a treaty, brits and americans do still talk. neil: we love you to date, and who could forget monty python. here i thought donald trump ruthless when it came to firing people on the spot, the guy at aol has him beat by a mile, at least donal
. >> you see it happening at local level, detroit, cleveland, cincinnati, pittsburgh, kansas city, every time they raisin come taxeraisincome taxes the p, cities like kansas and st. louis, said if we fry to try to hike taxes on income we have to revisit the law to make sure we do not lose population. neil: going around them so maybe rich don't notice? >> it about why we need tax reform. so complicated, that people say enough, they throw up hands say enough, i think this shows we...
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ashley: detroit is trying to track its bankruptcy. we'll tell you what it could mean for creditors and retirees. but first, as we do this time of day let's take a look how oil is trading. essentially flat, a little lower, down 21 cents at $1906.74 a barrel. we'll be right back. -- $106.79 a barrel. [ male announcer ] how do you get your bounce? with the bounce dryer bar, my clothes will be fresh out of the drawer for weeks. and it's great when things last a long time. well...most things. [ male announcer ] how do you get your bounce? [ woman ] can't regret fresh. tracy: that time of day charles payne looking a oil in new guinea? >> papua, new guinea. this one is a little bit tough. everyone loves the oil and gas story, particularly natural gas. we love it. tracy: yeah. >> we understand it. papua, new guinea? tracy: a fair amount of people would have to leak on a map to figure out where new guinea is. ashley: to start. >> from a political point of view they have had issues. late last year they put the former prime minister on the board
ashley: detroit is trying to track its bankruptcy. we'll tell you what it could mean for creditors and retirees. but first, as we do this time of day let's take a look how oil is trading. essentially flat, a little lower, down 21 cents at $1906.74 a barrel. we'll be right back. -- $106.79 a barrel. [ male announcer ] how do you get your bounce? with the bounce dryer bar, my clothes will be fresh out of the drawer for weeks. and it's great when things last a long time. well...most things. [ male...
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Aug 28, 2013
08/13
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they're not detroit's. when that analysis is done, at our present tax structure the taxable equivalent yield is about nine. where are you going to get nine in a liquid investment of very high credit quality? i don't see very much of it. so we shifted allocation to tax-free bond. ashley: very good. do your homework. always good advice. david kotok, thank you so much for joining us. we appreciate it. >> thank you. lori: let's take a specific look at the market because the gains thus far are evaporating slightly. lauren simonetti joins us from the floor of the stock exchange. you're watching a couple big movers on the session. >> on earnings, we have a winner and loser. let's start with teach very. that's a winner. shares are up 5% the company announced its highest net revenue and profit in the company's history. investors encouraged by that. additionally, several settlements of companies like cisco and motorola means teach very has more -- teach very has more cash to invest in research and marketing. overall
they're not detroit's. when that analysis is done, at our present tax structure the taxable equivalent yield is about nine. where are you going to get nine in a liquid investment of very high credit quality? i don't see very much of it. so we shifted allocation to tax-free bond. ashley: very good. do your homework. always good advice. david kotok, thank you so much for joining us. we appreciate it. >> thank you. lori: let's take a specific look at the market because the gains thus far are...
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Aug 16, 2013
08/13
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there's one thing he says is keeping this country from becoming like detroit. what is the? we will tell you. connell: before we get to that, here are some of their winners today in the market on the s&p 500. ♪ connell: at the half hour, here is what we still have coming up for you. wayne rogers is here. we will get to wayne. then we take you behind the scenes on casting on hbo. then we take you to the country's premier auto auction. a ferrari backend apparently fetch close to $7 million. cheryl: it is for an auger before me. connell: i do not think i needed that comparison. dagen: yes, i am into cars. nicole: that is all they needed. this one is pertaining to the nsa leaker who is over there a broad. snowed and worked from 2009 until earlier this year. they are not talking about this. in the meantime, we have karl icahn in court. the story is so intertwined. dagen: detroit's fiscal crisis. it is just the beginning. potentially facing similar circumstances. there is one difference between us and the city. what is it? connell: wayne rogers is here to tell us, i hope. >> the
there's one thing he says is keeping this country from becoming like detroit. what is the? we will tell you. connell: before we get to that, here are some of their winners today in the market on the s&p 500. ♪ connell: at the half hour, here is what we still have coming up for you. wayne rogers is here. we will get to wayne. then we take you behind the scenes on casting on hbo. then we take you to the country's premier auto auction. a ferrari backend apparently fetch close to $7 million....
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Aug 15, 2013
08/13
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detroit emergency manager apologizing after calling some of the city residents those names. and the nfl hit with another concussion lawsuit. 83 former players led by pro-bowlers. they say they are suffering long-term effects from brain injuries sustained during their playing
detroit emergency manager apologizing after calling some of the city residents those names. and the nfl hit with another concussion lawsuit. 83 former players led by pro-bowlers. they say they are suffering long-term effects from brain injuries sustained during their playing